Aug. 5 (Bloomberg) -- Bloomberg's Paul Allen reports on the impact of the rising cost of imported iron ore on China's steelmakers.
The benchmark China import price for iron ore has tripled since late 2008 to $177 a ton, figures from The Steel Index show. Raw materials make up as much as 75 percent of output costs for steel mills, JPMorgan Cazenove says. They use about 1.6 tons of iron ore and 0.5 tons of coking coal to make 1 ton of steel. (Source: Bloomberg)